Commodity rates crash from all time high levels:Gold prices drop by ₹8,455 per 10 gm silver by ₹30,000 per kg

Gold and silver prices have continued to decline from all time high levels. According to the India Bullion and Jewelers Association (IBJA), on 24 October, gold prices fell by ₹935 per unit to ₹1,22,419 per 10 grams. Earlier on 23 October, its price was ₹1,23,354 per 10 grams. Meanwhile, the silver price has fallen by ₹3,700, it is selling at ₹1,47,750 per kilogram. Yesterday its price was ₹1,51,450 per kilogram. Continuous decline in gold silver prices Gold price had reached its highest level of ₹1,30,874 per 10 grams on 17 October. On the same day, its price fell by ₹1,290 to ₹1,29,584. Since then, it has become cheaper by ₹8,455. Meanwhile, silver price made an all-time high of ₹1,78,100 on 14 October, since then it has become cheaper by ₹30,350. Reasons for the recent decline in gold-silver prices This year gold increased by ₹46,257 and silver by ₹61,733 This year so far, gold price has increased by ₹46,257. On 31 December 2024, 10 grams of 24-carat gold was priced at ₹76,162, which has now reached ₹1,23,354. The price of silver has also increased by ₹61,733 during this period. On 31 December 2024, one kilogram of silver was priced at ₹86,017, which has now increased to ₹1,47,750 per kilogram. Not the right time to invest in gold! According to Kedia Advisory Director Ajay Kedia, gold has increased by about 60% this year, so there is less expectation of an uptrend in the short term. People may book profits. However, investment for the long term could be beneficial. Keep these 2 things in mind while buying gold 1. Buy Certified Gold Only: Always buy certified gold with Bureau of Indian Standards (BIS) hallmark. This number can be alphanumeric, like AZ4524. Hallmarking indicates the number of carats in the gold. 2. Cross-check Prices: Cross-check the correct weight of gold and its price on the day of purchase from multiple sources (like India Bullion and Jewellers Association website). Gold rates vary for 24 carat, 22 carat and 18 carat.